Liberty Tire Recycling agrees to restructuring plan

Liberty Tire Recycling Holdco LLC, Pittsburgh, and its subsidiaries have reached an initial agreement with its financial sponsor, bondholders and banks for a financial restructuring to reduce its ongoing debt obligations. Upon completion of the restructuring, the company says it will emerge with a stronger balance sheet, more financial flexibility, a focused strategy and a solid customer base.

"Today marks the start of a new beginning for our company,” says Bill Fry, president and CEO of Liberty Tire Recycling Holdco. “We have the people, strategy and customers to execute on our plans, and now we have the right financial capacity.”

Fry continues, “We greatly appreciate the continued support of our valued partners, suppliers and customers who have been critical to our success throughout the last several months as we have worked on our financial restructuring. We are extremely proud of the fact that we have continued to provide the service our customers have come to expect from Liberty throughout the process. I also want to thank our extraordinary employees, who have been vital to our success. We look forward to many years of continued partnership and success with our important stakeholders.”

Ron Carlson, Liberty Tire CFO, says, "This restructuring will allow us to continue to make significant capital investments in our plants and equipment, capitalize on new market opportunities and continue to grow."

The financial restructuring is subject to a number of terms and conditions and is expected to be completed within the next 90 days, according to Liberty Tire Recycling.